Singapore’s Cake DeFi Pays Record USD 317 Million in Rewards to Customers

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Singapore, Singapore, 7th June, 2022, Chainwire

Cake DeFi, the fastest-growing Singapore-based Decentralized Finance (DeFi) platform, celebrated its third anniversary today with a key milestone. The company announced that it has paid out over USD 317 million in rewards as of end Q1 2022 while continuing to see robust business growth of an average of almost 90% quarter-on-quarter since 2019. 

“Our third anniversary is an important milestone for us. Despite the recent downturn in crypto prices, we have continued to experience tremendous growth in the past three years. We are now one of the fastest-growing Decentralized Finance (DeFi) platforms in Asia. This is only made possible by relentlessly creating value for our customers – we paid out a staggering USD 317 million in rewards in just three years. We achieved this by creating a safe and secure one-stop platform for consumers to easily access DeFi services. The next stage of our growth will come from building access to DeFi and Web3 not just for consumers, but for businesses as well. It is our ambition to list Cake DeFi on a public stock exchange in the near future. We were offered a SPAC merger at USD 1.5 billion but we had turned it down earlier in the year,” said Dr Julian Hosp, CEO and Co-Founder of Cake DeFi.  

Since its launch in 2019, Cake DeFi has been committed to its mission of enhancing financial inclusion and advocating the responsible investment of crypto assets to generate passive income. With over USD 1 billion of total customer assets on the platform and close to a million registered users, Cake DeFi aims to continue helping both experienced and new investors generate